Starting from the basics and the current regulatory framework through to a discussion of the latest market developments – this section contains everything you need to know about securitisation.


Securitisation involves the issue of various tranches of securities. In principle, any company or financial institution can use securitisation products: industrial and commercial enterprises as well as leasing companies and banks.

  • Securitisation and its advantages

Securitisation is ideally suited to the bank-based corporate financing that is predominant in Germany with its broad SME sector. This is because even the larger SMEs often do not have the ratings required to access the capital market directly.

to the advantages

  • Structure and procedure

The defining feature of securitisation transactions is that the repayment of the securities issued depends on the payments on the underlying receivables. The securitising company or bank is not liable for the repayment of the financing. Securitisations are therefore also referred to as asset-backed securities (ABS).

To the procedure

  • Types of securitisation

In a true sale securitisation, receivables are sold and transferred to a special-purpose vehicle (SPV). In a synthetic securitisation, receivable default risks are hedged by means of guarantees or the use of credit derivatives.

to the types of securitisation

  • Comparison with other forms of refinancing

Pfandbriefe and other forms of covered bonds are a financing instrument with a long tradition in Germany. Unlike securitisations, the pool of receivables is not outsourced but remains on the balance sheet of the issuing bank.

To the comparison


The Securitisation Regulation (EU) 2017/2402, which came into force on 1 January 2019, is the central regulatory element. For the first time, this governs securitisation products uniformly and comprehensively in all financial market sectors throughout Europe.        

  • Overview of securitisation regulation

With the revised version of the complete securitisation rules, European legislators are recognising the importance of securitisation for efficient financial markets.

to the overview

  • Securitisation regulation

What is securitisation from the regulatory perspective? Structure and the most important contents of the Securitisation Regulation including STS, which has been successful on the market as a quality segment since 2019.

to the securitisation regulation

  • Securitisation and sustainability regulation

To ensure uniform implementation in all segments of the capital market, the use-of-proceeds approach should also be paramount for securitisation issuers.

On sustainability regulation

  • Regulations and legal texts

All valid level 1, 2 and 3 regulations, relevant comments (Q&A) and opinions of the supervisory authorities at a glance. 

to the legal texts

  • Banking Regulation

When the Securitisation Regulation came into force, the capital weightings for securitisation positions were increased significantly. This also impacts other key parameters.

On banking regulation

  • Further regulations relating to securitisation

The equity capital calculations have also been adjusted for insurance investments in securitisation products. The capital requirements for securitisation positions are set very high in some cases.

On further regulations

  • German securitisation framework

In addition to making the necessary improvements at European level, we also consider it important to adapt national legislation on securitisation.

On the German securitisation framework


The European securitisation market has stagnated since the 2008 financial crisis, and the securitisation potential has not been realised. Here is an overview of the various market segments and current developments.

  • Market overview

The three market segments differ significantly in terms of volume, asset class, originator objectives, transparency and the disclosure requirements.  

to the market overview

  • Public ABS

By far the most data is available for the public ABS segment. Public ABS are performing very well, although the market is still not growing sustainably.

on public abs

  • Synthetic balance sheet securitisation

An EBA study has confirmed the solid performance of synthetic securitisations in Europe. This was one of the main reasons why this type of securitisation is now designated STS-eligible.

On balance sheet securitisation

  • ABCP/private securitisation: European Benchmark Exercise

The market-based initiative launched by AFME, EDW and TSI aims to significantly increase the market transparency of ABCP and other private securitisation products in the EU and the UK. 

on European Benchmark Exercise